Islamabad, Pakistan – November 20, 2024 –
Euronet Pakistan, a division of Euronet Worldwide and the largest card and payment processor in the country, has announced a landmark strategic partnership with CMA, a globally recognized leader in real-time payments. CMA, headquartered in Sweden, is renowned as the primary vendor for the State Bank of Pakistan’s RAAST Instant Payment System (IPS) and RTGS program, built on the ISO20022 industry standard.
This collaboration aims to provide a simplified, single-window plug-and-play solution for enabling and processing RAAST and RTGS payments. Leveraging a locally hosted managed services model, the partnership ensures high scalability, improved uptimes, and optimal performance supported by guaranteed service-level agreements (SLAs).
The alliance will deliver a robust, scalable, and volume-tested enablement model that boasts faster implementation and turnaround times, while fully supporting the readiness of future use cases. This initiative is poised to accelerate the growth and expansion of RAAST and its next-generation functionalities in Pakistan’s evolving digital payment ecosystem.
“We are excited to collaborate with CMA on this pivotal project,” stated Kashif Gaya, CEO of Euronet Pakistan. “Through this partnership, Euronet will bring RAAST use cases to market, enriching Pakistan’s digital payment ecosystem while simplifying the enablement process for our clients. This underscores our commitment to supporting local payments and highlights our mission to create a transformative impact on the country’s digital financial landscape.”
Founded in 1983, CMA has a formidable global presence in 55 central banks and is celebrated for its innovative approach to fintech. Arshad Mughal, CMA’s Country Account Manager, emphasized the partnership’s transformative potential:
“CMA is on a mission to modernize the world’s payments and financial infrastructure. Euronet shares this vision, and together, we will foster innovation and enhance the efficiency of Pakistan’s digital payment infrastructure, promoting greater access to digital financial services.”
By combining CMA’s global expertise with Euronet’s local presence, the partnership is set to revolutionize Pakistan’s digital financial landscape. It aligns with the shared goal of advancing the financial ecosystem and driving digital inclusion, ensuring compliance with local regulations while catering to the evolving needs of individuals and businesses.
This collaboration marks a new era for digital payments in Pakistan, promising cutting-edge innovation and adherence to international industry standards, all while contributing to the nation’s economic growth and financial inclusion goals.
